Commonwealth Bank (ASX:CBA) has increased its final dividend for the 2023-24 financial year, despite a decline in earnings and profits.
Although the result is solid, it seems to justify the 11% increase in the bank’s price in the last 3 months, propelling it to the name of the country’s most valuable company.
CBA shares rose 1. 5% on Tuesday alone, topping $132 ahead of the result, which revealed an unexpected drop in credit loss provisions for the year.
However, investors appear to be overlooking the weaker outcome (earnings fell 3% and earnings fell 2%), instead focusing on a 10-cent buildup consistent with the constant percentage to achieve the annual payout of $4. 60 consistent with the constant percentage.
The final dividend increased to $2. 50 per percentage from $2. 40, following an interim payment of $2. 15 earlier in the year, an increase of just five cents per percentage.
The CBA recorded a profit of $26. 921 billion, with a 2% decrease in monetary benefits to $9. 836 billion and a 6% decrease in statutory profits to $9. 394 billion.
Net interest margin decreased 8 core issues to $1. 99 for 2023-2024, but advanced one point through the December six-month period.
Loan impairment fees fell sharply to $802 million, despite emerging lending rates and growing customer pressure. The CBA attributed this to a 28% drop between 2022 and 2023 and a 7% drop since the first part of June, indicating a slight improvement in credit quality at this time.
CEO Matt Comyn commented on the earnings release.
“We maintained a solid coverage of provision for credit losses, with excess capital and prudent financing measures. Our disciplined technique for managing our balance sheet provides us with the flexibility and ability to cope with economic scenarios while generating sustainable returns.
We have declared a final dividend of $2. 50 consistent with the share, fully paid, which will result in a full-year dividend of $4. 65.
He described Australia’s economy as resilient, supported by low unemployment, continued public investment and exports.
“Rising interest rates are slowing the economy and moderating inflation,” Comyn said. “Australia remains well-positioned, but dangers remain in areas such as productivity, housing affordability and global uncertainty. “
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Overall increases for Deep Leads’ resources: quality, tonnage and target area ABx Group has reported a 30% increase in its mineral resource estimate (MRE) at Deep Leads’ rare ion adsorption clay (IAC) earth deposit in northern Tasmania. The accumulation in MRE comes from 36 extension wells analyzed, representing a significant northward extension for the existing Deep Leads prospect.
Lake Resources (LKE. ASX) – LKE has signed two non-binding memorandums of understanding within 10 days. Ford Company (Ford) has signed a memorandum of understanding for about 25,000 t/year and last week, Hanwa, a Japanese commodity trader, signed a memorandum of understanding for up to 25,000 t/yr. Subject to execution, this is a feat as Ford and Hanwa are poised to collaborate on long-term strategic partnerships with LKE. Commercial negotiations are still ongoing but should, namely whether Ford and Hanwa will inject new capital into LKE, removing additional risks in financing the task and thus ensuring that LKE and Kachi are fully funded.
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Lately, TMG is completing paints in preparation for the PFS planned for early 2023, adding the start of drilling in the third quarter of 2022, evaporation testing and authorization activities. The effects of these systems will affect the PFS and any long-term resource improvements.
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WT Financial Group Limited (WTL) is a developing diversified monetary company, founded in 2010 and indexed on the Australian Stock Exchange (ASX) in 2015. Its recommendations and product offerings are provided primarily through an organization of monetary advisors independents who act as legal representatives. of WTL under its broker organization businesses Wealth Today Pty Ltd (Wealth Today) and Sentry Group Pty Ltd (Sentry Group). It has approximately 275 advisors in over two hundred money advice companies across Australia. It also operates a direct-to-consumer operation under its Spring Financial Group brand.
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